1. He developed the “theory of clubs,” which sets out the conditions under which private associations supply excludable public goods at optimum levels.
2. For his time he had the best and most rigorous analysis of the incidence of public debt.
3. With Gordon Tullock he pioneered the economic analysis of voting rules in terms of transactions costs and external costs imposed on others. Any current blogosphere discussion of say the filibuster will rely on this approach, though we now take it so for granted we don’t realize how impressive it was at the time.
terça-feira, janeiro 15, 2013
What made Buchanan special as an economist? por Tyler Cowen: